Multiple Choice
On December 1, 2017, Physical Bank made a loan to a customer of $2,000,0000, with an annual interest rate of 6%. The loan, and all the interest, are due on November 30, 2018. The appropriate adjusting entry the bank should make on December 31, 2017 is
A) Debit cash $10,000 and credit interest revenue $10,000
B) Debit interest revenue $10,000 and credit cash $10,000
C) Debit interest receivable $10,000 and credit interest revenue $10,000
D) Debit interest revenue $10,000 and credit interest receivable $10,000
Correct Answer:
Verified
Correct Answer:
Verified
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